CapitaLand Profit Went Up in Q2

Southeast Asia's biggest developer CapitaLand reported SGD810.8million profit in the second quarter, up 105% from SGD395.3 million of the same quarter last year.

For the April to June quarter, its profit attributable to shareholders jumped 97% to SGD579.3m. The company attribute this to better operating performance, higher revaluation gains from investment properties in Singapore and China, as well as higher portfolio gains arising from the divestment in 18 rental housing properties in Japan.

The group's revenue of SGD992.4m during the quarter was 12.3% lower than last year, mainly due to lower contribution from development projects in Singapore mitigated by higher contribution from development projects in China and higher rental income from newly acquired and opened properties.

President & Group CEO Lim Ming Yan said the quality of the group’s earnings has improved during the reporting time period with profits from business operations higher than the same period last year, attributable to steady recurring income from investment properties and management contracts.

- APMR News